The necessary measures taken by Governments across the globe to control personal movement and lockdown regions to slow the spread of the virus did have severe impact on economic output. Australia entered recession (two consecutive quarters of negative growth) for the first time since 1991 in Q2 2020.
As the economy began to re-open during Q3 the rebound was also surprisingly fast. The size and speed of the economic stimulus applied by the Federal Government was central to this, allowing companies to remain open and pay wages while business activity was low/recovering. The Queensland and Australian economy are set to exceed previous output levels by Q3 2021, which is a far faster recovery than modelled at the start of the pandemic.